Tag: MIDI
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Manoel Island officially handed over to the Government
Manoel Island has officially been handed over to the government after a deal involving a €43 million bail-out for the shareholders of the company. The bailout enabled the company to pay an outstanding €47 million bond payment. MIDI itself admitted in communications to shareholders that failure to reach an agreement with government could have pushed…
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Creating a dangerous precedent in markets by bailing-out toxic garbage
The Labour Party is extensively changing Malta’s social contract, skewing it in favour of the richest and the strongest at the expense of the weakest and the smallest, and the latest tweak that the Labour government is introducing is its new dangerous precedent of bailing out bondholders and shareholders of bad investments gone wrong. The…
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Alec Mizzi of Mizzi Group confirms that the government bailed-out MIDI over bond payments: Owen Bonnici says he doesn’t care
During an interview with Il-Każin, Alec Mizzi confirmed that the government bailed-out MIDI with a €42 million payment that enabled the company to have enough liquidity to pay its bondholders. MIDI had an outstanding €47 million bond payment due this year but no liquidity and cash reserves to pay bondholders. MIDI was in dire financial…
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Labour government bails-out MIDI with up to €50 million
The Labour government is bailing out MIDI to the tune of up to €50 million in order to take back Manoel Island. MIDI has violated its contractual obligations over Manoel Island and is legally bound to lose its rights over the property. MIDI is also in deep financial problems, is desperate for liquidity and have…
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No crying in the (rent-seeking) casino
Apparently, some self-declared local financial experts are calling the press to spread panic over the fact that MIDI’s bond-holders may end up with nothing as the company fails to meet its financing requirements and has no capability of repaying its debts and creditors. A Maltese bank that was to finance MIDI’s project at Manoel Island…
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The government’s judicial protest against MIDI states that a full contract cancellation is in the offing
We are publishing this week’s judicial protest by the government against MIDI over Manoel Island. A judicial protests does not effect any legal action but is only a written protest that communicates the intention of proceeding with legal action. The government told MIDI that it has violated its contract concession over Manoel Island, specifically article…
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Graffitti welcomes Manoel Island U-Turn; Calls for public park led by environmental entities
Moviment Graffitti has welcomed the government’s shift on Manoel Island, following new agreement being pursued with developers MIDI Â to return the site to public use, calling it a major win for public interest and the result of sustained civic pressure. The turnaround comes after the government this week launched legal proceedings to challenge the original…
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267 experts urge Government to transform Manoel Island into public nature reserve
A group of 267 academics and professionals has issued a powerful public statement urging the Government to reimagine Manoel Island as a public nature reserve and cultural heritage park. The appeal highlights a rare opportunity to align national priorities with environmental sustainability, public health, and community well-being. As reported earlier by The Maltese Herald, MIDI…
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MIDI gives up Manoel Island in late Sunday night announcement
In a surprise announcement posted yesterday on the website of the Malta Stock Exchange late at night, MIDI has announced it is giving up its Manoel Island concession to the government. The announcement comes after massive public pressure and a change of position by the government, endorsing the public’s appeal to turn the islet into…
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A history of feudal and rent-seeking economics
If the Labour government follows through on reclaiming Manoel Island from MIDI after its failure to fulfil contractual obligations, it would mark the end of a deal that stands as a textbook example of Malta’s long history of rent-seeking by some of the country’s most powerful business families. The public land deal by which MIDI’s…
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Mr Monopoly: Bertu Mizzi and Alf Mizzi & Sons
If Malta had a sophisticated and analytical Financial Crimes Investigation Department at the Police, the very nature of the contract to MIDI in 2000 would have been under serious scrutiny by criminal investigators. There are many problems and questions that arise when a company with just LM 241,000 in cash was granted massive tracts of…
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MIDI risks losing the right to its Manoel Island concession if it doesn’t complete the project by next year
MIDI risks losing its right to its concession of Manoel Island and also of Tigne Point after it has failed to complete the project within its time-frame by the end of March 2023. MIDI is supposed to be paying fines to the government after it has failed to meet its development obligations. In addition, MIDI…
